An introduction to Investec The information in this presentation relates to the year ending 31 March 2017, unless otherwise indicated. An overview of the Investec Group Investec: a distinctive specialist bank and asset manager Facilitating the creation of wealth and management of wealth • Established in 1974 • Today, efficient integrated international business platform employing approximately 9 700 people • Listed on the JSE and LSE (a FTSE 250 company) • Total assets of £53.5bn^; total equity*^ £4.8bn; total FUM £150.7bn^ Distribution channels Origination channels Core infrastructure Since 1992 Assets: £18.7bn Since 1974 Assets: £38.8bn *Including preference shares and non-controlling interests. 3 ^At 31 March 2017. Balanced business model supporting our long-term strategy Three distinct business activities focused on well defined target clients Corporate / Institutional / Government Private client (high net worth / high income) / charities / trusts Asset Management Specialist BankingSpecialist Banking WealthWealth & Investment& Investment (operating completely independently) Provides a broad range of services: Provides investment Provides investment Provides a broad range of services: Provides investment management services and management services • Lending management services and • Lending independent financial independent financial planning • Transactional• Transactional banking banking planning advice advice • Deposit raising• Treasury activities and trading • Treasury and trading • Advisory • Advisory • Investment• Investmentactivities activities Maintaining an appropriate balance between revenue streams Capital light activities Capital intensive activities • Asset management • Lending portfolios 56% • Wealth management 44% • Investment portfolios • Advisory services • Trading income • Transactional banking services . client flows Contributed to Contributed to • Property and other funds . balance sheet management group income* group income* Fee and commission incomeTypes of income Net interest, investment and trading income *At 31 March 2017.. 4 Solid recurring income base supported by a diversified portfolio Across businesses % contribution to operating profit before tax* 100% 90% 80% 70% Specialist 60% Banking 50% Wealth & Investment 40% Across geographies 30% Asset Management 20% % contribution to operating profit before tax* 10% 100% 0% 90% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 80% Overall contribution from Asset Management and W&I UK and Other 70% 2017: 40% 2016: 40% 2015: 43% 2014: 46% 2013: 45% 2012: 48% 60% Southern Africa 50% 40% 30% 20% 10% 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 *Before goodwill, acquired intangibles, non-operating items, group costs and after other non-controlling interests. 5 We have a distinctive investment offering • Clients are at the core of our • Serving select market niches business as a focused provider of tailored structured solutions • Building business depth by deepening existing client • Enhancing our existing relationships position in principal Specialised businesses and geographies • High level of service by strategy and through organic growth and being nimble, flexible and Client select bolt-on acquisitions innovative uniquely focused positioned business model • Contributing to society, • Strong, entrepreneurial macro-economic stability Sustainable culture that stimulates and the environment business and Strong extraordinary performance • Well established brand long-term culture • Passionate and talented people who are empowered • Managing and positioning the strategy and committed group for the long term • Depth of leadership • Balancing operational risk with financial risk while • Stable management team creating value for • Strong risk awareness shareholders • Employee ownership • Cost and risk conscious Resulting in a quality scalable global business … a quality scalable global business 6 We continue to have a sound balance sheet Key operating fundamentals Cash and near cash • Senior management “hands-on” culture • A high level of readily available, high quality liquid assets – representing approx 25% - 35% of our liability base. Balance as at 31 March 2017 was £12.0bn Average • No reliance on wholesale funding • Healthy capital ratios - always held capital in excess of regulatory requirements and the group intends to perpetuate this philosophy. Target common equity tier 1 ratio of above 10% and total capital ratios of 14%-17% • Low gearing ratio – approx. 10 times; with leverage ratios in excess of 7% • Geographical and operational diversity with a high level of recurring income continues to support sustainability of Low gearing ratios operating profit times 16 13.8 14 13.0 12.5 11.6 12 11.3 11.3 10.3 10.2 10.1 9.4 10 8 6.2 5.8 5.4 6 4.7 4.5 4.7 4.3 4.3 4.7 4.7 4 2 0 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar 16 Mar 17 Gearing ratio (assets excluding assurance assets to total equity) Core loans to equity ratio 7 We have a sound track record Recurring income Revenue versus expenses £’mn £’mn 2500 80% 2,500 2000 2,000 60% 1500 1,500 40% 1000 1,000 20% 500 500 0 0% - 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Trading income Investment income Other fees and other operating income Annuity fees and commissions Total revenue Expenses Net interest income Annuity income* as a % of total income Operating profit before tax** and impairments Adjusted EPS^ £’mn pence 800 60 700 50 600 40 500 400 30 300 20 200 10 100 - 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Operating profit before tax and impairments** Operating profit before tax** *Where annuity income is net interest income and annuity fees. 8 **Before goodwill, acquired intangibles, non-operating items and after other non-controlling interests. ^Where Adjusted EPS is earnings per share before goodwill, acquired intangibles and non-operating items. We have a sound track record Third party assets under management Core loans and advances and deposits £’bn Net inflows of £0.7bn for the year to March 2017 £’bn Deposits: an increase of 5.5% on a currency neutral basis 160 35 Core loans: an increase of 7.6% on a currency neutral basis 120% 140 30 100% 120 25 80% 100 20 80 60% 15 60 40% 40 10 20 5 20% - - 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Customer accounts (LHS) Asset Management Wealth & Investment Other Core loans and advances to customers (LHS) Loans and advances to customer deposits (RHS) Total shareholders’ equity and capital resources Net tangible asset value £’mn pence £’mn 7,000 600 4,000 6,000 3,500 500 5,000 3,000 400 4,000 2,500 300 2,000 3,000 1,500 2,000 200 1,000 100 1,000 500 - - - 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Total shareholders’ equity (including preference shares and non-controlling Net tangible asset value (excluding goodwill) (£'mn) (RHS) interests) Net tangible asset value per share (excluding goodwill) (pence) (LHS) Total capital resources (including subordinated liabilities) Share price (pence) (LHS) Results are shown for the year-ended 31 March, unless otherwise indicated. 9 Currency neutral basis: calculation assumes that the closing exchange rates of the group’s relevant exchange rates remain the same as at 31 March 2017 when compared to 31 March 2016. We have invested in our Brand …our Communities …our People … and the Planet 10 Summary of year end results – salient financial features Year to Year to Investec group consolidated results in Pounds Sterling 31 Mar 2017 31 Mar 2016 % change** Income statement Adjusted earnings attributable to ordinary shareholders before goodwill, acquired intangibles and non-operating items (£'000) 434,504 359,732 20.8% Operating profit* (£'000) 599,121 505,593 18.5% Balance sheet Total capital resources (including subordinated liabilities) (£'million) 6,211 4,994 24.4% Total shareholders' equity (including preference shares and non-controlling interests (£'million) 4,809 3,859 24.6% Total assets (£'million) 53,535 45,352 18.0% Net core loans and advances to customers (including own originated securitised assets) (£'million) 22,707 18,119 25.3% Cash and near cash balances (£'million) 12,038 10,962 9.8% Customer accounts (deposits) (£'million) 29,109 24,044 21.1% Third party assets under management (£'million) 150,735 121,683 23.9% Capital adequacy ratio: Investec plc 15.1% 15.1% Capital adequacy tier 1 ratio: Investec plc 11.3% 10.7% Capital adequacy ratio: Investec Limited 14.2% 14.0% Capital adequacy tier 1 ratio: Investec Limited 10.8% 10.7% Credit loss ratio (core income statement impairment charge as a % of average gross core loans and advances) 0.54% 0.62% Defaults (net of impairments and before collateral) as a % of net core loans and advances to customers 1.22% 1.54% Gearing ratio (assets excluding assurance assets to total equity) 10.1x 10.2x Core loans to equity ratio 4.7x 4.7x Loans and advances to customers as a % of customer deposits 76.2% 73.6% Selected ratios and other information Adjusted earnings per share^ (pence) 48.3 41.3 16.9% Net tangible asset value per share (pence) 377.0 294.3 28.1% Dividends per share (pence) 23.0 21.0 9.5% Cost to income ratio 66.3% 66.4% Return on average adjusted shareholders' equity (post tax) 12.5% 11.5% Return on average adjusted tangible shareholders' equity (post tax) 14.5% 13.7% Return on risk-weighted assets 1.45% 1.34% Recurring income as a % of operating income 72.0% 71.7% Weighted number of ordinary shares in issues (million) 900.4 870.5 3.4% Total number of shares in issue (million) 958.3 908.8 5.4% Closing share price (pence) 544 513 6.0% Market capitalisation (£'million) 5,213 4,662 11.8% Number of employees in the group (including temps and contractors) 9,716 8,966 8.4% Closing ZAR: £ exchange rate 16.77 21.13 20.6% Average ZAR: £ exchange rate 18.42 20.72 11.1% *Before goodwill, acquired intangibles, non-operating items, taxation and after other non-controlling interests.